I plan on buying property in Southampton. My lawyer is not on the bank approved list. Am I still permitted to retain my Southampton conveyancing solicitor notwithstanding that they are not on the bank panel?
You will need to instruct a conveyancing practitioner to deal with the legal work required if you need a loan to purchase your home. They will conduct all the necessary investigations on the property, ensuring that you will be properly registered as the owner and ensure that all the necessary mortgage paperwork is dealt with. One can select a Southampton property lawyer of your choice. However, if the solicitor selected is not a member of the mortgage company approved list further charges will be levied as separate legal representation will be need by the lender. Bank panel applications can be submitted, so provided your solicitor has not in the past sought membership they should do so.
A relative advised me that in buying a property in Southampton there may be a number of restrictions limiting what one can do in terms of external alterations to the property. Is this right?
There are a number of properties in Southampton which have some sort of restriction or requirement of consent to execute external alterations. Part of the conveyancing in Southampton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Can I be sure that the Southampton conveyancing solicitor on the Yorkshire BS panel is any good?
When it comes to conveyancing in Southampton getting recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advocate that you speak with the solicitor carrying out your transaction.
I recently had an offer agreed on an apartment in Southampton. My financial adviser pressured me to appoint their solicitor. I paid an advanced payment of £200. A couple of days later, the solicitor called me sheepishly admitting that they were not on the Leeds Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Leeds Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I have been on the look out for a flat up to £245,000 and found one close by in Southampton I like with open areas and station in the vicinity, the downside is that it only has 61 remaining years left on the lease. There is not much else in Southampton for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage that many years will likely be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
What makes your site different to other internet conveyancing solicitors when it comes to conveyancing in Southampton?
At this site receive a conveyancing costs illustration from a Solicitor or Licensed Conveyancer that understands the nuances of your conveyancing in Southampton. Unlike many estate agents and brokerage sites we do not operate referral deals with solicitors. Some agents and online brokers 'recommend' solicitors who pay the highest per referral, rather than the best value conveyancing in Southampton
Last November I purchased a leasehold flat in Southampton. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a ground floor flat in Southampton, conveyancing having been completed September 2010. How much will my lease extension cost? Comparable properties in Southampton with over 90 years remaining are worth £196,000. The ground rent is £45 levied per year. The lease finishes on 21st October 2090
With only 64 years unexpired we estimate the price of your lease extension to range between £15,200 and £17,600 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.
Is there a reason that Southampton conveyancing fees differ for leasehold and freehold properties?
If purchasing a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control